The financial news that actually matters
FAT Brands Inc., the parent company behind Fatburger, Johnny Rockets, and more than a dozen other restaurant chains, has effectively been broken apart through a court-supervised asset sale after filing voluntary Chapter 11 petitions. A buyer called FBG Bid Co. purchased substantially all assets of certain FAT Brands subsidiaries for $595 million, a figure that…
Taxpayers who file accurate returns early in the season stand a better chance of clearing IRS fraud filters before processing volumes spike and verification backlogs grow. The agency’s pre-refund screening systems compare reported wages and withholding against employer records, and any mismatch can freeze a refund for weeks. For filers whose data checks out, submitting…
The Social Security Board of Trustees released its 2026 annual report on June 9, projecting that the combined Old-Age and Survivors Insurance and Disability Insurance trust funds will be depleted in the third quarter of 2034. After that point, incoming payroll tax revenue would cover only 83 percent of scheduled benefits for the roughly 67…
Families enrolled in high-deductible health plans will be able to shelter more money from taxes starting in 2027, after the IRS raised the annual health savings account contribution cap for family coverage above $9,000 for the first time. The increase builds on the $8,750 family limit set for 2026 and reflects continued upward pressure from…
British American Tobacco announced plans to eliminate 9,000 positions, roughly one in five of its workforce, in a restructuring the company tied directly to artificial intelligence adoption. The cuts represent one of the largest single workforce reductions in the tobacco sector’s recent history, arriving as traditional cigarette sales continue to shrink and pressure mounts on…
Max McDermott of Newport Beach, California, was arrested on federal charges that he obtained a $10 million loan by hiding an active SEC investigation from the lender, then funneled the money to cover obligations tied to a separate alleged $100 million investor fraud. The Southern District of New York charged McDermott with wire fraud and…
Former SunTrust Bank customers who paid overdraft fees between 2005 and 2015 have a narrowing window to file claims under a $240 million settlement. The deadline to submit paperwork is August 5, and many eligible account holders have yet to act. The settlement, now administered under Truist Financial after its merger with SunTrust, resolves allegations…
A federal judge in Manhattan sentenced Ho Wan Kwok, the self-exiled Chinese businessman known as Miles Guo, to 30 years in prison for running a fraud operation that, according to prosecutors, solicited more than $1 billion from victims through fake digital-asset offerings, media ventures, and membership programs. The court also imposed a forfeiture order of…
American households watched prices climb at the fastest rate in three years last month, with the Federal Reserve’s preferred inflation measure jumping to 4.1 percent in May 2026 compared with a year earlier. The reading, up sharply from 3.8 percent in April and 2.9 percent as recently as February, signals that the central bank’s fight…
Married couples filing jointly can realize long-term investment gains and owe zero federal tax on those profits, as long as their taxable income stays below about $96,700 for tax year 2025. That threshold, set by the IRS and adjusted each year for inflation, means a growing number of middle-income households may sell stocks, mutual funds,…